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Lagos Assembly Passes N813b Budget for 2017

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Lagos Assembly Passes N813b Budget for 2017

Lagos Assembly Passes N813b Budget for 2017

By Modupe Gbadeyanka

The 2017 appropriation bill of Lagos State has been passed into law by the state’s House of Assembly.

The budget was given an approval by the lawmakers on Tuesday.

On November 29, 2016, the state Governor, Mr Akinwunmi Ambode, had informed the Assembly that he plans to spend N812.99 billion for the 2017 fiscal year.

On December 1, 2016, after receiving the budget, the Assembly had directed all its standing committees to invite all Ministries, Departments and Agencies to defend their budgets

After carrying out the order, the Assembly, at the resumption of plenary on Tuesday, passed the sum of N305.28 billion as total Recurrent Expenditure and N507.82 billion as the total Capital Expenditure for the Year ending December 31, 2017.

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This followed its adoption of the report and recommendations by its Committee on Budget and Economic Planning presented by the Chairman of the Committee, Mr Rotimi Olowo.

Mr Olowo, addressing his colleagues, said that the state was able to achieve 71 percent budget performance in spite of the economic recession in the country.

The lawmaker said that the state would embark on progressive taxation, which would bring more people into the tax net and make the rich pay more.

As parts of the recommendations of the committee, the lawmaker said there was a need to comply with the Appropriation (Amendment) (Re-ordering) Law, 2016 to release funds to relevant MDAs.

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The lawmaker added that there was also a need for the Ministry of Economic Planning and budget to carry out budget review of 2015-2017 Medium Term Expenditure Framework (MTEF) of MDAs before allocating envelopes for Y2018 proposed budget estimate.

He said that this would guide against duplication of expenditures (Capital and Recurrent) by MDAs.

The House approved a sum of N650 million for education, N350 million for Agriculture, N360 million for LASIEC, while the Capital Expenditure of LASIEC was increased from N2.5 billion to N3 billion to cater for election matters.

Meanwhile, overhead for Security/Emergency Interventions was reduced from N500 million to N400 million and N1 billion was allocated as capital expenditure for the ministry of Special Duties and Inter governmental Relations.

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The Assembly approved a sum of N20.43 billion for LAMATA, N2 billion for Ferry Services, N4 billion for maintenance/Repair of roads (Recurrent) while the capital vote head for Road Maintenance rose from N790.10 million to N1.79 billion.

Meanwhile, overhead cost of Lagos State House of Assembly Service Commission was increased from N210 million to N252 million while the capital expenditure.

The Assembly also approved N10 billion for the State Infrastructure Intervention Fund, while it approved N159.55 million for state Electricity Board.

Lagos State Speaker, Mr Mudashiru Obasa, after taking voice vote on each sectoral allocation of the Appropriation Bills and approval given to each, passed the budget.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

Stanbic IBTC Enlightens Investors on Available Safe Investment Options

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Stanbic IBTC Asset Management Safe Investment Options

By Ashemiriogwa Emmanuel

Following the strokes of economic uncertainties from the COVID-19 pandemic, Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings Plc, recently organised a webinar to proffer guidance on investing in uncertain times.

The webinar via Instagram was themed Investing in Uncertain Times and experts at the Stanbic IBTC enlightened the investing public about the available transparent and safe investment options.

Some of the in-house were Ms Fadekemi Obasanya, Head Investment Management and Ekene Nwaokoro, Fund Analyst.

In her presentation, Ms Obasanya emphasised the importance of gaining needful knowledge from investment professionals about the best investment options per time.

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She also pointed out the various investment options offered by Stanbic IBTC which both current and prospective investors can take advantage of, leveraging on the well-informed financial guidelines provided by the organisation.

She said some of the investment options include Stanbic IBTC Money Market Fund, Stanbic IBTC Dollar Fund, Stanbic IBTC Enhanced Fixed Income Fund, Stanbic IBTC Bond Fund, among many others under the mutual funds.

Ms Obasanya further stated that many people become victims of fake investment platforms due to misinformation and indiscipline, urging investors to do due diligence before parting with their funds.

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“A lot of people fell prey to fake investment platforms in the previous year. It is wise to stay disciplined and informed about credible investment outlets to avoid losing money, as the main objective of the investment is to generate regular income and capital appreciation.

“People need to be mindful of the type of investment they put their money in. This is why we designed a tool called ‘InvestBeta’ for intending investors to identify their risk appetite, which simply means the amount of risk they are willing and able to take, as well as the available investment options that can help them achieve their investment objective.

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“There are also well-experienced financial advisors on standby to help investors decide on the most suitable options for them,” she said.

Also discussed at the session was the advantage of investing in the Stanbic IBTC Dollar Fund, a dollar-denominated mutual fund, which was a response to how investors can hedge against Naira devaluation.

Individuals were educated on the fundamentals of investing and viable investment options, especially amid an unstable economic terrain.

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Economy

Capital Importation into Nigeria Falls to $875.6m in Q2 2021

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capital importation

By Aduragbemi Omiyale

Nigeria has recorded a quarter-on-quarter decline of 54.06 per cent in the total value of capital importation into the country in the second quarter of 2021, the National Bureau of Statistics (NBS) has revealed.

In a report released by the agency, it was disclosed that the FX inflows from April to June 2021 stood at $875.6 million in contrast to $1.9 billion recorded in the first quarter of this year.

On a year-on-year basis, the capital importation went down by 32.38 per cent as the inflows in the same period of last year was $1.3 billion.

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Business Post observed that the decline in the period under review was because of lower inflows from foreign direct investments (FDIs), foreign portfolio investments (FPIs) and other investments.

However, in the report, the stats office said the largest amount of capital importation by type was received through portfolio investment, which accounted for 62.97 per cent ($551.4 million) of total capital importation, followed by other investment, which accounted for 28.13 per cent ($246.3 million) of total capital imported, with FDIs accounting for 8.90 per cent ($78.0 million) of total capital imported in Q2 2021.

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By sector, capital importation by banking dominated in Q2 2021, reaching $296.5 million of the total capital

importation in Q2 2021, followed by financing with $205.9 million and shares with $194.6 million.

By source of the capital investment, the United Kingdom was on top with $310.3 million, accounting for 35.43 per cent of the total capital inflow in Q2 2021.

It was trailed by South Africa with $212.4 million and the United States with $83.4 million and by destination, Lagos State emerged as the top destination of capital investment in Nigeria in Q2 2021 with $780.1 million, contributing 89.09 per cent to the total capital inflow in Q2 2021 and by bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q2 2021 with $310.2 million, accounting for 35.43 per cent of the total capital inflow in Q2 2021.

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Standard Chartered Bank followed by attracting $282.4 million, while Citi Bank attracted $94.2 million in the second quarter of this year.

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Economy

PenCom Drags 120 Firms to Court for Pension Act Violation

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pension assets

By Adedapo Adesanya

The National Pension Commission (PenCom) has disclosed that it was in court with about 120 companies that have refused to comply with the dictates of the 2014 Pension Reform Act (PRA).

The Director, Corporate Communications of the commission, Mr Peter Aghahowa, stated this in Lagos at the 2021 PenCom workshop for journalists in Lagos.

According to him, the organisation was working assiduously to ensure all pension laws as they affect various policies are totally complied with.

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He noted that compliance varies according to the sector, adding that recovery agents have been engaged to ensure that funds that ought to be remitted to PenCom are not diverted under any guise.

“For the private sector, we engaged recovery agents. By the PRA, any company with more than three workers must key into the Contributory Pension Scheme (CPS).

“So, the recovery agents have been empowered. Once they check the books of companies, they will determine their liabilities.

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“We have the employee and employer portion remittances. For those not remitting at all, there is a penalty.

“We have 120 cases in court and these are organisations we tried to work with and they were just recalcitrant.

“Going to court is the last resort because the goal is for the money to the RSAs. We always try to engage.

“In states, they have to enact and implement the CPS. We work with them in coming up with a bill and setting up a pension bureau.

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“Most states have not implemented this well. In enforcing compliance here, you should tread softly. Accrued rights have been paid up”, he said.

The agency has, therefore, called for compliance on contributory pension remittances by employers across the country.

On her part, the PenCom DG, Mrs Aisha Dahir-Umar, disclosed that the commission has deepened technological innovation as it seeks to navigate through the challenges imposed by the pandemic.

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